WhaleClub Review – Full Analysis
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The financial market has come a long way. From governments imposing high regulations and taxes to low liquidity, times have changed. Some people have also gone broke trading while others have made fortunes from the same. So if you are part of the lucky ones that made a fortune from trading in the financial markets, you will probably love Whaleclub.
The financial market is divided into different sections such as futures, stock trading, currency trading and with the latest addition to the team; Cryptocurrency trading. There are different types of cryptocurrency trading. One type is where you use a broker to help you process all your trades in the market. An example of such a broker is WhaleClub.
What is Whaleclub?
Whale Club is a Cryptocurrency focused CFD broker founded in 2016 by a former banker called Perry Steegen. With Headquarters in Hong Kong, Asia, the broker serves customers all around the world with the USA and Europe inclusively. The main focus of this broker is cryptocurrency with Bitcoins leading the park strongly. Whaleclub’s Cryptocurrency trading is one of the few whereby you have to trade with actual Cryptocurrencies and not Fiats. This means when you buy into the market you are actually buying and owning the underlying assets. This makes WhaleClub a very unique CFDs broker when it comes to Cryptocurrency trading.
Whaleclub also offers to trade on the following types of Instruments;
- Stocks -Stocks like Twitter, Alphabet, Netflix, JP Morgan and others are tradable with a leverage of 15:1
- Cryptocurrency -Cryptocurrencies instrument is the most popularly traded instrument on the broker’s platform. Only 6 Cryptocurrency pairs are available for trading on the platform: DASH/BTC, ETH/USD, ETH/BTC, LTC/USD, XMR/BTC and BTC/USD). The pairs have a maximum leverage of 5:1 except bitcoin with 20:1
- CFDs Commodities -8 commodities are also allowed on the platform. This includes crude oil (Brent), Natural Gas, Gold and silver.
- Forex – With just 12 Currencies pairs available on the platform, you can easily enter trades on popular pairs like GBP/USD, EUR/USD and minor Forex pairs like USD/MXN, USD/CNH.
- Indices – They only deal with the popular kind of Indices which are just 5 in numbers, namely: NASDAQ, SP500, Russell 2000, Nikkei 225, and FTSE100.
- Bonds – Very few brokers offer the chance to trade bonds to traders. Whaleclub offers 5 Tbond instruments which are US 5Years T Note, 10Years T-Notes, 2Years T Notes and US Tbond.
With this much instruments, you can access the market at all times. The broker has no regulatory body monitoring its activities or any form of association it belongs to. This makes the broker perfect for every trader in all comers of the world including traders from the USA and All of Europe.
How Whaleclub works?
Whaleclub is a different kind of broker in the sense that all your trades are made with Cryptocurrency and no fiat cash is allowed on the network. This makes the broker perfect for anonymous kind of trading. Even though Whaleclub is all about Cryptocurrency, they still allow other types of CFDs instrument trading.
Whaleclub has a very strict and second to none policy against the use of cash on its platform. If you intend on making use of them, you need to master the lingo required to so that you can use them as soon as possible.
Whaleclub is one of the many free running brokers available out there. They are in no way associated with any form of a regulatory body and they also don’t claim to be connected to any of the financial market regulatory bodies. So if you are the type trading with money you cannot afford to lose, it’s better you stay clear of this broker.
Whaleclub CFD Trading
A contract for difference trading is basically the process of making trading contracts based on a preconceived likely direction of a particular trading instrument’s price. This trading contract is usually a form of agreement between a CFDs broker and a CFDs trader, whereby the trader is allowed to bet on the rise and fall in the price of any listed financial instrument by the broker.
Whaleclub is a cryptocurrency CFDs broker, so all contract on their platform are meant only for cryptocurrency instruments.
CFDs trading is unique on it own. This is because when a trader makes a CFDs trade on a cryptocurrency asset, the trader does now have rights to that particular underlying asset be it Forex, commodities, Stocks, ETF etc. What this means is that the trader is not actually buying or selling the asset. The trader is basically buying a bet on whether the price of that particular cryptocurrency coin is going to rise or fall. So if you actually are wanting to buy or sell actually real crypto coins, then you should try out cryptocurrency exchanges instead.
CFDs trader using Whaleclub are allowed to make use of a leverage. The function of this leverage is to allows a trader to place more trades sizes than their actual money can allow them to. This leverage is a form of a multiplier that can be selected by the trader before placing a trade on the market. Ones a trader select any cryptocurrency asset to trade, such a trader is allowed to place a long trade which is in anticipation that the price of such an asset will rise or a short trade which is in anticipation that the price of that particular cryptocurrency asset will reduce in size as time goes on. As it has been clearly stated, the buying or selling of this asset does not in any way give the trade right to the asset, so when you eventually win or lose a trade, what you won or loss is being deducted from the registered trading account.
Whaleclub Cryptocurrencies Trading- how it works?
WhaleClub cryptocurrency trading is almost the best in the industry as it is quite easy to understand and also make it possible to use smart deposit technique to prevent devaluing the price of the coin upon withdrawal. Trading bitcoins with WhaleClub is different from other cryptocurrencies.
It has the largest leverage offered. So if you make use of the leverage provided you will be buying the likely price movements, but if you buy or sell bitcoin without making use of leverage, you will be entitled to the asset you bought. This means you own the underlying assets in case of a bitcoin purchase. This is quite a complicated process but it is advised that you just consider them a CFDs broker that only uses Cryptocurrencies instead of normal based currency that you are used to.
Available Cryptocurrency on the platform includes 5 pairs only:
DASH/BTC, ETH/USD, ETH/BTC, LTC/USD, XMR/BTC, BTC/USD.
This is a small list but all pairs have their own roles and specifications.
The BTC/USD cross, for example, is known to have the highest leverage use on the list, and the maximum you can trade is 40 BTC. For other cryptocurrency crosses, the leverage is smaller with varying maximum BTC, DASH, ETH, and LTC.
The exchange charges three main types of fees:
- Spreads – WhaleClub fees charged is in form of a spread placed on each pair, which is generally always lower than what you will get from other brokers outside.
- Financing fee– They also charge a financing fee which is considered to be the cost of keeping your trade in the market for over an hour. To get the calculation for this, take the daily rate and divide it by 24 and then multiply by your position size.
- Withdrawal fee– A withdrawal fee is charged by based on the type of currency you would be withdrawing.
In general, 0.001BTC is charged per one BTC withdrawn, 0.005 for ETH withdrawals, 0.01LTC for LTC withdrawals, and 0.01DASH for DASH withdrawals.
WhaleClub accounts and verification
WhaleClub offers the easiest form of account registration and verification process. They also offer a demo account and a standard real live trading account.
Demo trading account
The demo account does not need any form of verification whatsoever. You simply input your username of choice and you are given an account with 50BTC balance that can be used to play the market. Unfortunately, the demo account is deleted after 30 days from the day of the first initiation.
Real live account
To open a real live account on the Whale club platform, you need to make sure you to only verify your email address, and after that, you are good to go, nothing else is needed. No further submission of IDs and bills is needed. This makes it a great place to trade anonymously without having to worry about being discovered.
Special Futures and bonus offers
WhaleClub offers a 30% bonus on all first deposit made within 7 days of you opening your account with them. They also offer turbo trading which is a form of binary option, but with lower returns than what you get from a normal binary options broker.
Whaleclub is also known for its policy that supports anonymity which is a great feature for traders who are sanctioned not to make trades or do not want to be recognized. They also run an affiliate marketing program where you can make 50% on every commission generated from the person you referred.
They don’t offer a mobile app for Android or any other operating system but their web application fits well into any type of screen, which makes them perfect for mobile browsing.
Is Whaleclub safe?
As of now, based on the extensive WhaleClub reviews done, the community is divided between those who considered the exchange genuine and those who don’t.
Recently, there were reports of people getting their accounts wiped out and even some people not being able to reach the customer support team. Such signs make it clear that the exchange needs a lot of improvement. However, there are a lot of members who love everything about the exchange so far.
Security is a great thing of concern for a broker that deals with Cryptocurrency especially. Whaleclub makes sure to employ maximum security in all its dealings with clients. They offer a two-step verification system for every account and also all Cryptocurrencies are stored in a cold storage wallet and all transactions on the platform are being handled manually.
The website also has HTTPS enabled so every piece of information going in and out of the website is encrypted. All exchanges are usually done through the email system and they are all through an encrypted channel.
Whaleclub offers a 24/7 email support system that is quick to respond to all inquiries. This can’t be compared to a live chat in anyways but it has been known to be quite effective in it own way.
All trades are automated and ones you click to confirm that you are good to go, your trade is entered into the market. But based on research on the demo account, a particular trade was entered a bit higher than the price the asset is when the order was made. Though this was a one-time thing for us, there is still a possibility of it happening again.
How to use Whaleclub?
Step 1: Account creation
This step is made simple by Whaleclub since you can create a new account with them under 5 minutes and it ready to start trading within the hour. Whether you decide to choose a real account or a demo account, you get served the same market feeds and all prices are in alignment across the platform.
Step 2: Making a Deposit
Whaleclub allows a trader to make a deposit only using Cryptocurrency and no fiat is allowed on the network. The primary currency for funding your account on the exchange is bitcoin.
Step 3: Downloading and choosing a trading terminal
With Whaleclub you have no need for any form of downloading. All trades are done through the website using the inbuilt web charts and terminal. The web trader is well defined and also quite easy to navigate. They also have guide video and PDF somewhere on the website that will properly help put you through the process of navigating the charts
Step 4: Making your trades
Here you get to place your trades based on the possible direction you believe the market will swing.
In a Nutshell
- Bonus program – There is a 30% deposit bonus, much more than most exchanges give members.
- Ease of use – the platform is beginner friendly and generally very easy to use.
- Supports Multiple Currencies.
- No minimum balance or deposit -you get to enjoy access to the platform with as low as 0.0001 bitcoin which technically is the least amount you can deposit.
- High leverage – the broker allows a leverage of up to 20:1 on Cryptocurrencies, which is one of the highest if not the highest in the industry for a cryptocurrency.
- Very high financing fee – the cost of financing a trade on the platform is not stable which makes it harder to calculate and there have been reports of foul play in original calculations.
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